Lenders, Perelman Enter Bids For Philly Papers

Law360, New York (September 22, 2010, 5:34 PM EDT) -- Philadelphia Newspapers LLC snagged two bids of at least $50 million for its upcoming bankruptcy auction just before a noon deadline Wednesday, fielding one proposal from Philadelphia philanthropist Raymond Perelman and another from a group of senior lenders that had backed out of a planned $139 million purchase of the struggling media company Sept. 14.

Both bids are qualified under the rules set by the U.S. Bankruptcy Court for the Eastern District of Pennsylvania, according to Dilworth Paxson LLP's Lawrence McMichael, who represents the media company...
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